Gasoline prices are expected to decrease in the operating period tomorrow, May 30, 2024

Tomorrow (May 30) is the time to regulate retail gasoline prices according to Decree 80/2023 amending and supplementing a number of articles of Decree 95 and Decree 83 of the Government on gasoline trading.

Domestic gasoline prices at tomorrow's adjustment period (May 30) are forecast to decrease, specifically RON 95 gasoline prices may fall to 22,000 VND/liter. Illustrative photo

Currently, domestic gasoline prices are affected by world gasoline prices and the Singapore market. In the world market, world oil prices last week recorded a weekly decline, with Brent oil falling 2.1

According to data from Oilprice, at 9:08 a.m. on May 29 (Vietnam time), Brent oil price was trading at 84.4 USD/barrel, up 0.21% compared to the previous session. Meanwhile, WTI oil price was at 80.9 USD/barrel, up 0.33% compared to the previous session.

In the Singapore market, in the last period, the average price of finished gasoline in this market decreased compared to the previous period. The decrease was relatively large. %, while the price of WTI oil decreased by 2.8%.

Based on the developments in world oil prices, according to the leaders of some oil trading enterprises, domestic oil prices may decrease in the operating period tomorrow (May 30). If the operating agency does not spend the Oil Price Stabilization Fund (BOG Fund), the price of E5 RON 92 gasoline may decrease by 530-580 VND/liter, and the price of RON 95 gasoline may decrease by 720-780 VND/liter. Similarly, the price of diesel is forecast to decrease by 50-150 VND/liter.

In another development, the Machine Learning-based gasoline price forecasting model of the Vietnam Petroleum Institute (VPI) shows that in the operating period tomorrow, May 30, retail gasoline prices may decrease by 2.9 - 5.3% and the Ministry of Finance - Industry and Trade will not set aside or use the Petroleum Price Stabilization Fund. Specifically, retail gasoline prices in tomorrow's operating period may decrease by 651 - 801 VND, bringing the price of E5 RON 92 gasoline to 21,619 VND/liter and the price of RON 95 gasoline to 22,409 VND/liter; retail oil prices in this period will decrease by 1.2 - 1.6%, bringing oil prices to 19,510 VND/liter (diesel), 19,661 VND/liter (kerosene) and 17,308 VND/kg (mazut).

VPI predicts that the Ministry of Finance and Industry and Trade will not set aside or use the Petroleum Price Stabilization Fund this time.

In the previous adjustment period, from 3:00 p.m. on May 23, the price of E5 RON92 gasoline increased by 162 VND/liter, not higher than 22,277 VND/liter. The price of RON95 gasoline increased by 78 VND/liter, not higher than 23,213 VND/liter.

Prices of major oils decreased. Of which, diesel oil decreased by 36 VND/liter, down to 19,837 VND/liter. Kerosene price decreased by 6 VND/liter, not higher than 19,902 VND/liter.

Fuel oil price alone increased by 95 VND/kg, not higher than 17,513 VND/kg.

In this period, the regulatory agency continues not to set aside or use the gasoline price stabilization fund for all products.

Since the beginning of the year, since the price adjustment session on January 4, gasoline prices have increased 12 times and decreased 9 times. Oil prices have increased 11 times and decreased 10 times.

Source: https://congthuong.vn/gia-xang-dau-du-bao-giam-trong-ky-dieu-hanh-ngay-mai-3052024-323004.html